BRT Apartments Corp. has plans to sell two multifamily properties, both of which are owned by an unconsolidated joint venture, for approximately $226 million.
Jeffrey A. Gould, CEO and president, commented, “The market for Southeast multifamily assets remains very competitive, and we are pleased to execute on these sales to further BRT’s focus on maximizing returns for stockholders and reducing our overall debt structure. We anticipate that proceeds from these sales will be used to retire debt and be redeployed into the previously announced acquisition of our joint venture partners’ interests in Bells Bluff, located in West Nashville, Tennessee. We are excited about the Bells Bluff acquisition and will continue to look for acquisitions that meet our underwriting criteria. We are navigating a challenging acquisition market; however, we remain focused on our unique ability to buy out our joint venture partners and pursuing accretive acquisitions as we create value for our
